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4 entries

Sep 11, 2019 1:40:00 PM | LGT Beacon

LGT Beacon: Strategy for final quarter: staying the course

The risks arising from the so-called trade war continue to loom over the usual late-cycle slowdown, but economic growth remains sufficient and central banks have become more accommodative. We are hence maintaining a modest overweight allocation to equities, with a defensive tilt, a preference for the US, and a bias to act counter-cyclically when opportunities arise. 

Aug 20, 2019 3:08:00 PM | LGT Beacon

LGT Beacon: Staying calm and acting counter-cyclically

August brought a monetary policy disappointment and revived Sino-American trade tensions, triggering a global pullback in risk assets. In late July, near the markets' top, we had trimmed US equities and increased our gold position. More recently, we bought Japanese equities, after our counter-cyclical investment rules produced a buy signal for that market.

Jul 19, 2019 3:08:00 PM | LGT Beacon

LGT Beacon: The case for a sustained bull market

A dovish monetary policy shift outweighed concerns about slowing economic growth and the so-called trade war, fueling the strongest first half-year US equity rally since 1997. The short-term upside thus looks rather limited, amid a relatively weak earnings season. In the medium term, a successful soft landing of the US economy should sustain further gains.

Jun 13, 2019 10:08:00 AM | LGT Beacon

LGT Beacon: Tactical asset allocation for Q3/2019

Early last month, just when a Sino-American trade agreement seemed within reach, Washington abruptly escalated its confrontation with China, prompting the US and other central banks to signal an increased willingness to ease policy if needed. We opt to maintain a small equity overweight, while trimming emerging market positions in favor of US assets.